Copyright 2017, Plug Power Inc.

2017

Infinite Drive

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Safe Harbor Statement

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about

Plug Power Inc. (“PLUG”), including but not limited to statements about PLUG’s expectations for 2016 and 2017, including GAAP revenue, number of GenDrive shipments, number of

GenFuel sites, number of ProGen modules, GAAP gross margin, bookings and net cash use, future product cost reduction, PLUG’s growth in multi-site customers, PLUG’s entry into new

markets and products, including but not limited to ProGen and the electric vehicle market in China and the viability and growth of such market. You are cautioned that such statements

should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will have

been achieved. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. In

particular, the risks and uncertainties include, among other things, the risk that we continue to incur losses and might never achieve or maintain profitability; the risk that we will need to

raise additional capital to fund our operations and such capital may not be available to us; the risk that our lack of extensive experience in manufacturing and marketing products may

impact our ability to manufacture and market products on a profitable and large-scale commercial basis; the risk that unit orders will not ship, be installed and/or converted to revenue, in

whole or in part; the risk that pending orders may not convert to purchase orders, in whole or in part; the risk that a loss of one or more of our major customers could result in a material

adverse effect on our financial condition; the risk that a sale of a significant number of shares of stock could depress the market price of our common stock; the risk that negative publicity

related to our business or stock could result in a negative impact on our stock value and profitability; the risk of potential losses related to any product liability claims or contract disputes;

the risk of loss related to an inability to maintain an effective system of internal controls or key personnel; the risks related to use of flammable fuels in our products; the cost and timing of

developing, marketing and selling our products and our ability to raise the necessary capital to fund such costs; the ability to achieve the forecasted gross margin on the sale of our

products; the risk that our actual net cash used for operating expenses may exceed the projected net cash for operating expenses; the cost and availability of fuel and fueling

infrastructures for our products; market acceptance of our products, including GenDrive, GenSure and GenKey systems; the volatility of our stock price; our ability to establish and

maintain relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; the cost and availability

of components and parts for our products; our ability to develop commercially viable products; our ability to reduce product and manufacturing costs; our ability to successfully expand our

product lines; our ability to successfully expand internationally; our ability to improve system reliability for our GenDrive, GenSure and GenKey systems; competitive factors, such as price

competition and competition from other traditional and alternative energy companies; our ability to protect our intellectual property; the cost of complying with current and future federal,

state and international governmental regulations; risks associated with potential future acquisitions; and other risks and uncertainties referenced in our public filings with the Securities

and Exchange Commission (the “SEC”).

For additional disclosure regarding these and other risks faced by PLUG, see disclosures contained in PLUG's public filings with the SEC including, the "Risk Factors" section of PLUG's

Annual Report on Form 10-K for the year ended December 31, 2015. You should consider these factors in evaluating the forward-looking statements included in this presentation and not

place undue reliance on such statements. The forward-looking statements are made as of the date hereof, and PLUG undertakes no obligation to update such statements as a result of

new information.

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Our Mission

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Plug Power is the Leader in

Hydrogen and Fuel Cell Technology

1st to create a

market for HFC

technology

150

HFC patents

8.5MM+

Hydrogen fuelings

19K+ units

deployed

150MM+

operating hours

70% reduction in cost

profile since 2013

3x revenue growth

since 2013

80% Blue Chip

Customer Base

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Success in Our First Market:

Growing Share in Material Handling Applications

• Plug Power owns over 95% of current market share for

hydrogen fuel cells

• Plug Power’s technology drives productivity and

streamlines operations for our customers:

❖ Constant power drives improved operator efficiency and

performance

❖ Reduced downtime due to elimination of battery

changes/charging

❖ Enhanced performance in cold and freezer environments

❖ Removal of battery room increases productive floor space

❖ Elimination of harsh and harmful chemicals and processes

The global material handling market represents a $40 billion total market opportunity

Technology drives performance

Reputation attracts new clients

Growth enables new investments

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57 installed sites

~300 hydrogen dispensers

12.5k fuelings/day, 8.5M+ total

Fueling infrastructure and

fuel delivery

Com

ple

te s

olu

tion d

rives c

usto

mer

adoption

18,000+ units deployed

Drop-in replacement

150M+ operating hours

Hybrid electric fuel cell solution

for forklifts

98+% uptime performance

IoT data collection, monitoring

and control driving efficiency and

uptime

Complete service and

maintenance

Full Suite of Products Accelerates

Customer Adoption

Industry-leading high-power and

air-cooled designs

Lower cost / higher performance

35+ years of Plug Power IP

Hybrid fuel cell engines for a

variety of applications

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Success in Our First Market:

Loyal and Repeat “Blue Chip” Customers

Amazon Wal-Mart

History

Relationship dates back to 2008, with Walmart

now having 33 sites with over 7,600 units in

the field

Multisite Agreement

New commitment to bring total sites to nearly

60 by the end of 2019

Ten sites already under contract and expected

to be completed in 2017 (~$80 million value)

Improved Financing

Cash flow positive financing for GenDrive and

GenFuel infrastructure

Low cost financing without restricted cash

History

Plug Power and Amazon actively engaged in

Spring, 2016

Amazon recognized Plug Power’s value

proposition; implemented first site in Q4 2016

Multisite Agreement

$70 million estimated revenues connected to

GenKey installations in 2017

Significant progress with 10 sites through Q3

2017

The agreement is structured as a customer

purchased transaction, with favorable pricing

in the absence of a tax credit

The Relationships with Amazon and Walmart extend Beyond Multi-site Buildouts

Technology Collaboration: Working together to help develop new ProGen markets and applications

Warrant Agreements: Investment in Plug (warrants) connected to cash payments (~$600 million revenue target for each)

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Plug Power is…

Leading the commercialization of hydrogen fuel cell technology

Expanding our market position in material handling applications

Leveraging our proprietary and flexible ProGen fuel cell engine platform

Replicating success achieved in first market

Delivering strong and predictable revenue and bookings growth

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The global electric vehicles market is expected to reach $334 billion by 20241

The Future of Mobility is Electric

Robotics &

Drones

Autonomous

Vehicles

Commercial

Trucks

Commercial

Buses

Industrial

Mobility

Industrial and commercial electric vehicles today represent 60% of the value of the electric vehicle market2

1. IDTechEx Market Research: “Electric Vehicles Change the World 2017-2037”

2. Research and Markets: “Industrial and Commercial Electric Vehicles on Land 2017-2027"

EV Use Cases

Will…

✓Have high utilization

✓Require long run times

✓ Be fully sensored

✓ Be constantly connected

✓Have zero emissions

✓ Leverage renewable

fueling options

✓Connect and interact

with the grid

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Fuel Cells will Enable the Key Trends in the

Motive Industry

Adaptability• Wide span of addressable power ranges (50W to >30 kW)

• Performance and cost optimization through hybrid design

• Enables a variety of use cases including delivery trucks/vans, busses,

cars, industrial vehicles, robots, drones, etc.

High Energy Density• Energy scales with hydrogen storage

• Enables longer range, heavier payloads, increased hotel loads

(sensors, communications, active devices)

Fast Refueling• Quick turn-around of high-value assets

• Enables 24/7 operations to address ever-increasing consumer demand

Scalable Infrastructure• Scales with increased fleet size and energy needs

• Enables rapid deployment and scaling of EV platforms

Renewable Fuel Options• Available today; scaling rapidly with expansion of renewable power and

advancements in hydrogen conversion technologies

• Enables truly flexible and renewable fuel options for transportation

Sharing

Economy

Fuel Cell Vehicles are Electric Vehicles with Significant Enabling Traits

Emissions

Autonomy

Electrification

Hotel Loads

Asset

Utilization

Each trend is driven by the value customers place on

time, reliability, convenience, predictability, and

cost savings

Last Mile

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Beyond Material Handling

Customer behavior in commercial applications drives the need to use fuel cells as part of the EV solution

Chinese Delivery Vans*

• Nearly doubles current battery-only range to 160 miles

• Prototypes were installed in May of 2017

• Significant on-road testing completed

• Passed all fuel cell system qualification tests1

FedEx

• Cargo payload not diminished

• Triples current battery-only range to over 150 miles

• Significant on-road testing taking place today

• 19 additional units to be deployed through 2018

Heavy Utilization - High Energy Intensity - Inability to Pause Operations

1. Qualification by the National Center of Supervision and Inspection on Motor Vehicle Products Quality

* We are actively and strategically exploring multiple opportunities in China in addition to expanding the relationship with our first customer

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Total GenKey Installs Cumulative GenDrive Units

Cumulative Hydrogen Fuelings (Thousands) Bookings (Millions)

Rapidly Growing Sales & Deployments

-8

26

42

67

2013 2014 2015 2016 2017(Est)

4,400 6,700

10,600 14,800

20,400

2013 2014 2015 2016 2017(Est)

$75 $150

$205 $280

$325

2013 2014 2015 2016 2017(Est)

1501,200

4,600

8,500

2014 2015 2016 TODAY

Note: 2017 estimates are available in the guidance posted in our latest 10Q filing.

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GAAP Gross Revenue (Millions) Fair Value of PPA Assets Deployed**

Increased Visibility with Recurring Revenue Mix

$26.6

$64.2

$103.3

$85.9

$130.0

2013 2014 2015 2016** 2017E

$66.2

$35.2

2016 2017 (Est)

**Commenced utilization of new Power Purchase Agreement (“PPA”) financing in 1Q’16

Note: In 2017, adjusted gross revenues will reflect non-cash warrant charges

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Cost Controls and Economies of Scale

Drive Margin Expansion

Many factors will continue to support steady

cost reduction• Volumes

− Multi-year sourcing allows us to take advantage of lower

pricing associated with higher volumes

• Dual source strategies− Risk mitigation

− Cost reduction and supplier innovation

• Integration− Functional & Vertical

• Tooling, Automation

• Industry leverage of key components− Sector expansion drives component pricing

− Examples include membranes, batteries, etc

Cost Reduction is the Key to Success

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Continuing to lead the commercialization of fuel cells• Plug experience remains unmatched with more than 18,000 fuel cells deployed accumulating over 150 million

hours of run time

Expanding Plug market position• Added top retailers Amazon and Carrefour to our book of business, and meaningfully expanded our relationship

with Walmart through new multi-site agreement

Leveraging the ProGen fuel stack in our new designs• The ProGen platform enables us work with a variety of OEM’s on stationary and motive power applications

Replicating success in material handling• Adaptable technology across a range of power and energy needs, such as ground support and on-road delivery

applications with FedEx

Paving a path towards profitable revenue growth• Significant cost reductions will continue to drive margins

• Enhanced predictability of revenue and deployments through new long-term contracts

Plug Power Success

Corporate Headquarters

968 Albany Shaker Road, Latham, NY 12110

West Coast Office

15913 E. Euclid Avenue, Spokane, WA 99216

plugpower.com

Andy Marsh, President and Chief Executive Officer

Paul Middleton, Chief Financial Officer

Investor Relationsinvestorrelations@plugpower.com